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三季度重点公司跟踪:一周一刻钟,大事快评(W128)
生及社 2025 年 10 月 21 日 时发 行业 相关研究 送研究报 证券分析师 載文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com F SEER V BER 周一刻钟, 大事快评 (W128) 本期投资提示: 申万宏源研究微信服务号 请务必仔细阅读正文之后的各项信息披露与声明 比亚迪:Q3 销量 111 万台,预计 Q3 盈利约 85 亿,单车盈利回至 8 千元上下。 ● 吉利:Q3 销量环比增长,中高端车型销量提升,预计 Q3 利润 35 亿元左右。 ● ● 蔚来:Q3 销量 8.7 万台,乐道贡献主要销量,毛利率或改善。Q3 亏损预计在 25 亿元 左右。 ● 上汽集团:Q3 自主品牌与海外销售良好,Q3 利润预计在 35 亿元上下。 ● 冠盛股份:业务受海外不稳定性影响。 预计 Q3 利润同比增幅在 20%左右。 ● 优信: Q3 销量同比增 130%。门店盈亏优于预期,Q3 有望 EBITDA ...
福田超3.6万辆霸榜 江淮/江铃上位 远程破万!轻卡“金九”战绩看这里 | 头条
第一商用车网· 2025-10-21 02:36
请看第一商用车网的分析报道。 9月销售16.1万辆同比增长3% ,收获"8连增" 第一商用车网最新获悉,根据中汽协数据(企业开票数口径,非终端实销口径,下同), 2025年9月份,我国卡车市场共计销售31.2万辆,环比8月份增长15%,同比增长29%。作 为卡车市场份额最大、竞争最为激烈的细分市场,我国轻型货车(含轻卡、小卡、皮卡等,以 下简称"轻卡")市场9月份同步交出环比、同比双增的成绩单:销售16.14万辆、环比增长 15%、同比增长3%,同比增幅较上月缩窄3个百分点(2025年8月轻卡市场同比增长6%), 收获一波同比"8连增"。 2025年9月份,我国商用车整体销量同比增长30%,其中卡车市场同比增长29%,增幅略低 于商用车市场整体增速。作为卡车市场,乃至整个商用车市场占比最高的细分领域,轻卡市场 表现如何? 跑赢还是跑输?2025年前三季度走完,轻卡行业格局有何新变化? 2025年9月主流轻型卡车(含小卡、皮卡)企业销量一览(单位:辆) 7家企业销量破万 ,福田超3.6万辆,江淮/江铃排名上升 | 企业/意计 | 9月销量 | 月度份额 | 环比增长 | 同比增长 | 本年累计 | 累计份额 | ...
长城汽车10月20日获融资买入1716.96万元,融资余额5.57亿元
Xin Lang Cai Jing· 2025-10-21 01:29
分红方面,长城汽车A股上市后累计派现346.96亿元。近三年,累计派现89.50亿元。 融券方面,长城汽车10月20日融券偿还8500.00股,融券卖出1.12万股,按当日收盘价计算,卖出金额 25.74万元;融券余量7.14万股,融券余额164.02万元,低于近一年10%分位水平,处于低位。 资料显示,长城汽车股份有限公司位于河北省保定市朝阳南大街2266号,香港铜锣湾勿地臣街1号时代广 场2座31楼,成立日期2001年6月12日,上市日期2011年9月28日,公司主营业务涉及生产和销售汽车及 汽车零部件。主营业务收入构成为:销售汽车收入86.37%,销售零配件收入6.65%,模具及其他收入 4.41%,提供劳务收入1.29%,其他收入1.18%,租赁收入0.09%。 截至6月30日,长城汽车股东户数17.85万,较上期增加18.73%;人均流通股0股,较上期增加0.00%。 2025年1月-6月,长城汽车实现营业收入923.35亿元,同比增长0.99%;归母净利润63.37亿元,同比减少 10.48%。 10月20日,长城汽车涨0.57%,成交额2.93亿元。两融数据显示,当日长城汽车获融资买入额1716 ...
魏牌高山7上市,售价28.58万元
Bei Ke Cai Jing· 2025-10-21 00:48
魏牌高山7的长宽高分别为5050/1960/1900毫米,轴距为3085毫米。车内配备车规级8295芯片,支持Coffee GPT大模型。高山7配备Hi4智能四驱电混技术,系 统最大功率337千瓦,最大扭矩644牛·米,并搭载44.28千瓦时(1C)电池,WLTC纯电续航里程172公里。 编辑 岳彩周 校对 贾宁 新京报贝壳财经讯(记者白昊天)10月20日,长城汽车旗下魏牌高山7正式上市,新车售价28.58万元。长城汽车魏牌首席执行官冯复之承诺表示,用户满意 度是长城内部最重要的考核指标,因此魏牌正在推进西部服务保障线建设,在青藏线、川藏线、青甘环线上累计建立护航驿站35个,城区主干道救援2小时 内到达,最远地方保障6小时以内到达救援。 高山7。 企业供图 ...
长城直营变革:坦克撤出魏牌渠道 魏牌All in直营
长城直营渠道调整迎来新进展。 21世纪经济报道记者从多位接近魏牌的渠道人士处获悉,10月底,魏牌将完全采用直营模式运营,原有 的经销商模式将陆续终止,同时原"长城智选"门店正陆续更换招牌为"魏牌新能源"。 有魏牌渠道人士告诉21世纪经济报道记者,未来长城的直营门店将逐步统一门店标识为魏牌新能源,以 展示品牌2.0的新面貌。这意味着,魏牌将成为长城汽车体系内,最接近造车新势力直营业态的品牌。 广州、北京及上海魏牌销售人士告诉21世纪经济报道记者,坦克700已全部转交经销商网络销售,坦克 品牌正式撤出魏牌渠道。"我们店里以后只卖魏牌,这样我们的培训和讲解都能更专注。"一位上海门店 负责人表示。 这并非临时起意。早在今年5月,魏牌总经理冯复之就已向媒体透露,坦克品牌将退出长城"智选"体 系。长城汽车决心将长城智选改造为魏牌的专属渠道。 就上述核心信息,21世纪经济报道记者与长城方面已进行官方确认。 All in直营,告别"双销"内耗 去年4月开始,长城决定拥抱"直营模式",推出直营品牌"长城智选",即在保留传统经销商模式的基础 上,长城智选直营模式将成为长城产品的重要销售渠道,同步打造双销模式。 一位长城汽车经销商 ...
销量大涨96%,魏牌能否扛起长城新能源大旗?
3 6 Ke· 2025-10-20 11:29
近日,有媒体报道称,坦克退出长城智选直营店,魏牌与坦克在经销商渠道仍协同运营,长城智选门店 将逐步变更为"魏牌新能源直营店"。车圈能见度注意到,"长城智选"公众号也在9月改名为"魏牌新能源 直营"。 同时,也有消息称,10月底,魏牌将完全采用直营模式运营,原有的经销商模式将陆续终止。 资料显示,2024年4月,长城汽车推出直营服务品牌"长城智选",主营魏牌与坦克品牌,由冯复之担任 负责人。彼时,长城汽车表示,长城智选采用直营模式的主要目的在于塑造品牌形象。 从销量来看,2025年前9个月,魏牌销量6.36万辆,同比增长96.35%,是长城汽车旗下增速最高的品 牌;坦克品牌销量16.51万辆,同比减少2.75%。 显然,在直销渠道下,魏牌获得了更高的增长。在"独享"直销渠道后,魏牌能否成为长城汽车旗下的新 能源担当呢? 坦克退出直营 在2024年5月举行的股东大会上,长城汽车创始人、董事长魏建军曾表示,长城汽车的产品力不差,而 是渠道存在不足。他认为当前汽车经销商普遍面临关店、转型的巨大压力,而长城经销商又主要聚集在 低线城市和高线城市的非核心区域,缺乏经营30万元以上高端车型的信心,直营将解决长城与高端用户 ...
杨继峰加盟优必选子公司UQI优奇
Bei Jing Shang Bao· 2025-10-20 11:28
北京商报讯(记者陶凤王天逸)10月20日,优必选宣布,前长城汽车(601633)AI Lab负责人、人工智能 与自动驾驶领域资深专家杨继峰近日正式加入优必选智慧物流子公司UQI优奇,出任技术合伙人兼联席 CEO。 据称,杨继峰拥有多年深耕Robotaxi、大模型研发与跨国技术合作的实战经验,将领导UQI优奇工业人 形机器人、L4级无人物流车等产品的核心研发,并主导海外业务开拓,帮助UQI优奇打造"基于具身智 能的端到端无人化物流体系"。 ...
乘用车板块10月20日涨0.19%,长城汽车领涨,主力资金净流出10.78亿元
| 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600104 上汽集团 | | 1877.56万 | 4.10% | -2206.70万 | -4.82% | 329.14万 | 0.72% | | 601633 长城汽车 | | 1505.08万 | 5.14% | -803.42万 | -2.75% | -701.66万 | -2.40% | | 601238 广汽集团 | | 1107.38万 | 4.33% | 54.35万 | 4 0.21% | -1161.73万 | -4.54% | | 600733 北汽蓝谷 | | -1418.81万 | -2.65% | 1843.19万 | 3.45% | -424.38万 | -0.79% | | 601127 赛力斯 | | -6351.61万 | -2.39% | 1672.43万 | 0.63% | 4679.18万 | 1.76% | | 0005 ...
汽车和汽车零部件行业周报20251019:2025Q3前瞻:销量环比提升,成本端向好-20251019
Minsheng Securities· 2025-10-19 14:20
Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, highlighting potential growth opportunities in the sector [6]. Core Insights - The automotive industry is experiencing a sequential increase in sales and favorable cost conditions, with a notable rise in both total and new energy vehicle sales in Q3 2025 [2][3]. - The report emphasizes the importance of intelligent and globalized breakthroughs in the automotive sector, recommending key players such as Geely, Xpeng, Li Auto, BYD, and Xiaomi Group [4][5]. Summary by Sections 0.1 Passenger Vehicles - Total passenger vehicle sales in Q3 2025 reached 7.686 million units, representing a year-on-year increase of 14.7% and a quarter-on-quarter increase of 8.1% [11][24]. - New energy passenger vehicle sales were particularly strong, with 4.024 million units sold, up 24.2% year-on-year and 10.9% quarter-on-quarter, achieving a penetration rate of 52.4% [11][24]. - The report notes a stable pricing environment, with discounts remaining consistent compared to previous months [25]. 0.2 Auto Parts - The auto parts sector is benefiting from a decrease in raw material costs and shipping fees, which is expected to alleviate cost pressures for companies [3][45]. - Key raw materials such as polypropylene and hot-rolled coil prices have seen significant declines, contributing to improved margins for auto parts manufacturers [45]. 0.3 Heavy Trucks - The heavy truck market is experiencing a boost due to the implementation of trade-in subsidy policies, with wholesale sales reaching 282,000 units in Q3 2025, a year-on-year increase of 58.1% [3]. - New energy heavy truck sales surged by 181.5% year-on-year, indicating strong demand in this segment [3]. 0.4 Motorcycles - The report forecasts a total of 258,000 units for mid-to-large displacement motorcycles in Q3 2025, reflecting an 18.9% year-on-year increase [4]. - Export sales for motorcycles are also strong, with a 50.5% year-on-year increase, driven by growth in the 500-800cc segment [4]. 1.1 Weekly Insights - The automotive sector's performance has been weaker than the overall market, with a 6.1% decline in the A-share automotive sector during the week of October 13-17, 2025 [2]. - The report suggests focusing on key companies such as Geely, Xpeng, and BYD for potential investment opportunities [2][4]. 1.2 Intelligent Electric Vehicles - The report highlights the accelerating growth of intelligent electric vehicles, recommending companies involved in smart driving and smart cockpit technologies [4]. 1.3 Robotics - The report notes the entry of leading companies into the robotics sector, indicating a new era of embodied intelligence [4]. 1.4 Liquid Cooling - The demand for AI is driving the need for higher power density in liquid cooling solutions, positioning it as a necessary choice for high-density applications [4]. 1.5 Motorcycles - The report identifies a trend towards consumer upgrades in the motorcycle segment, recommending leading companies in the mid-to-large displacement category [4]. 1.6 Heavy Trucks - The expansion of trade-in subsidy policies is expected to stimulate demand for medium and heavy trucks, contributing to market recovery [4]. 1.7 Tires - The report emphasizes the ongoing acceleration of globalization in the tire industry, recommending leading and high-growth companies [4].
我国到27年将建成2800万个充电设施,德国26年起重启电动车购车补贴激励
Dong Zheng Qi Huo· 2025-10-19 13:20
1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The penetration rate of China's new energy vehicle market exceeded 30% in 2023 and 50% in 2024. In 2025, high - competitiveness new models continue to be launched, and price wars are gradually ending. - Overseas markets face risks from trade protectionism in Europe and the US, so new growth points such as the Belt and Road countries and the Middle East should be focused on. - In the competitive landscape, the market share of domestic brands continues to expand. Attention should be paid to companies with strong product strength, smooth overseas expansion, and stable supply [5][121]. 3. Summary According to the Directory 3.1 Financial Market Tracking - The weekly price changes of relevant sectors and listed companies are presented. Among listed companies, some vehicle manufacturers like BYD, Great Wall Motor, and SAIC Motor had price drops, while GAC Group and Chang'an Automobile had price increases. In the battery and materials sector, companies such as Contemporary Amperex Technology Co., Limited (CATL) and EVE Energy Co., Ltd. had price drops, and Do - fluoride New Materials Co., Ltd. had a price increase [13][16]. 3.2产业链数据跟踪 3.2.1 China New Energy Vehicle Market Tracking - **Sales and Exports in the Chinese Market**: In September, China's new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%. From January to September, cumulative sales were 11.228 million, a year - on - year increase of 34.9%. In September, exports were 222,000, a year - on - year doubling, and from January to September, cumulative exports were 1.758 million, a year - on - year increase of 89.4%. From October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year [3][110][111][112][113]. - **Inventory Changes in the Chinese Market**: Relevant data on new energy vehicle inventory changes are presented, including channel inventory and manufacturer inventory [26]. - **Delivery Volume of Chinese New Energy Vehicle Manufacturers**: Data on the monthly delivery volumes of various new energy vehicle manufacturers such as Leapmotor, Li Auto, XPeng, and NIO are presented [29]. 3.2.2 Global and Overseas New Energy Vehicle Market Tracking - **Global Market**: From January to August, global new energy vehicle sales increased by 30.6% year - on - year to 13.257 million. Europe and other regions had strong growth. Europe's cumulative sales were 2.442 million, with a year - on - year growth rate of 30.8%, and other regions' cumulative sales were 665,000, with a year - on - year growth rate of 50.6%. The North American market's cumulative sales were 1.205 million, with a year - on - year growth rate of 4.8% (from January to September, cumulative sales were 1.399 million, with a year - on - year growth rate of 8.3%). The US had record - high new energy vehicle sales and penetration rates in August and September due to the expiration of the federal electric vehicle tax credit on September 30 [4][119]. - **European Market**: Europe's new energy vehicle market had a relatively strong growth, with cumulative sales of 2.442 million from January to August, a year - on - year growth rate of 30.8% [4][119]. - **North American Market**: The North American market had relatively slow growth in the early stage, with a cumulative sales of 1.205 million from January to August, a year - on - year growth rate of 4.8% (from January to September, cumulative sales were 1.399 million, with a year - on - year growth rate of 8.3%). The US had record - high sales and penetration rates in August and September [4][119]. - **Other Regions**: Other regions had a relatively high growth rate, with cumulative sales of 665,000 from January to August, a year - on - year growth rate of 50.6% [4][119]. 3.2.3 Power Battery Industry Chain - Data on power battery installation volume, export volume, weekly average price of battery cells, material cost, and the operating rates and prices of various battery materials are presented [79]. 3.2.4 Other Upstream Raw Materials - Data on the daily prices of raw materials such as rubber, glass, steel, and aluminum are presented [100]. 3.3 Hot News Summary 3.3.1 China: Policy Dynamics - The National Development and Reform Commission and other departments issued the "Three - Year Doubling Action Plan for the Service Capacity of Electric Vehicle Charging Facilities (2025 - 2027)", aiming to build 28 million charging facilities nationwide by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles. - The Ministry of Industry and Information Technology organized the formulation and revision of relevant regulations to improve the access requirements for vehicle production enterprises and products, promote the improvement of product quality and safety, and adapt to the development trend of the automotive industry [108][109]. 3.3.2 China: Industry Dynamics - In September, China's automobile sales were 3.226 million, a year - on - year increase of 14.9%, and new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%. From January to September, automobile production and sales were 24.333 million and 24.363 million respectively, with year - on - year increases of 13.3% and 12.9%. New energy vehicle production and sales were 11.243 million and 11.228 million respectively, with year - on - year increases of 35.2% and 34.9%. - In September, automobile exports were 652,000, a year - on - year increase of 21%, and new energy vehicle exports were 222,000, a year - on - year doubling. From January to September, automobile exports were 4.95 million, a year - on - year increase of 14.8%, and new energy vehicle exports were 1.758 million, a year - on - year increase of 89.4%. - From October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year. - In September, China's power battery installation volume was 76 GWh, a year - on - year increase of 39.5%. From January to September, the cumulative installation volume was 493.9 GWh, a year - on - year increase of 42.5% [110][111][112][113][114]. 3.3.3 Overseas: Policy Dynamics - Germany extended the electric vehicle tax exemption period from the end of 2030 to the end of 2035 and will launch a new pure - electric vehicle subsidy plan in 2026, with a maximum subsidy of 4,000 euros. This is a resumption of support for electric vehicle purchases since the end of the previous subsidy policy in December 2023 [4][120]. 3.4 Industry Views - In the domestic market, from October 1 - 12, new energy vehicle retail sales decreased by 1% year - on - year, and cumulative retail sales this year increased by 23% year - on - year. In September, new energy vehicle sales were 1.604 million, a year - on - year increase of 24.6%, and cumulative sales were 11.228 million, a year - on - year increase of 34.9%. - Policy - wise, the goal is to build 28 million charging facilities nationwide by the end of 2027. - In the global market, from January to August, new energy vehicle sales increased by 30.6% year - on - year. Europe and other regions had strong growth, while the North American market had relatively slow growth. Germany extended the tax exemption period and will restart the subsidy policy [3][4][118][119][120]. 3.5 Investment Suggestions - China's new energy vehicle market penetration rate has reached a high level. In 2025, high - competitiveness new models are continuously launched, and price wars are ending. - Overseas markets face trade protectionism risks, so attention should be paid to new growth points such as the Belt and Road countries and the Middle East. - In the competitive landscape, domestic brands' market share is expanding, and attention should be paid to companies with strong product strength, smooth overseas expansion, and stable supply [5][121].